An affiliate of One Rock Capital Partners is acquiring flexible packing supplier Constantia Flexibles from its parent company of Vienna, Austria-based Wendel.
On July 31, Wendel announced it had signed an agreement to sell Constantia Flexibles, which serves the consumer and pharmaceutical industries, for a net profit of nearly $1.2 billion. The net proceeds reflect a multiple of 1.94 times Wendel’s total investment in Constantia Flexibles since 2015, Wendel officials said in a press release.
The transaction net proceeds are more than $91 million above Constantia Flexibles’ valuation in Wendel’s net asset value published before the transaction announcement on March 31. Furthermore, additional proceeds generated by the company’s ongoing assets disposals, could bring the proceeds up to about $1.23 billion, a valuation 11.0% higher than the NAV on March 31, and 6.8% higher than the NAV on June 30.
The closing of the transaction should take place during the second half of 2023, subject to the satisfaction of the contractual conditions precedents.